Now that it is clear that, in the current regulatory environment, a merger with another major music company cannot be pursued at acceptable cost and risk, we will proceed as an independent, music-focused group.

We remain confident that digital music will return the industry to growth in due course.

I'm not persuaded by the argument that a single price deters piracy, ... I'm not persuaded of the fact that a lower price deters piracy. What I am persuaded of is that making music more convenient and better value is a deterrent to piracy.

This is not about raising prices. It's about getting the most effective charging structure.

Piracy remains a real problem for virtually every sector in every country in the world.

Today's results show that EMI Group had a successful first half, delivering significant growth in both revenues and profits, and that both our recorded music and music publishing divisions made good progress during the period,